Could you please confirm the right answer?
Homework Answers
third option is correct. ie. marginal revenue from hiring additional worker falls below the marginal cost
basically firm will hire until MRPL = equilibrium wage rate to maximize profit, so until marginal revenue from hiring additional worker is greater than the marginal cost, firm will keep hiring labor.
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A firm will hire workers until the Multiple Choice marginal revenue from hiring an additional wor...
Problem 6. The Marginal Benefit of hiring workers for a firm is given by the expression: MB 3,500 X. The Marginal C...
Problem 6. The Marginal Benefit of hiring workers for a firm is given by the expression: MB 3,500 X. The Marginal Cost to the firm of hiring workers is approximately given by the expression: MC = 5000.01X~. Please calculate the optimal amount of workers that the organization a. should hire. Draw a diagram of the solution b. Briefly explain the slopes of the Marginal Benefit and Marginal Cost Curves. Why does it cost more to hire each additional worker? Why...
To maximize profit, a firm will hire workers when the in revenue from hiring an additional worker the worker's wage. O increase; is greater than O decrease; is less than or equal to O increase; i...
To maximize profit, a firm will hire workers when the in revenue from hiring an additional worker the worker's wage. O increase; is greater than O decrease; is less than or equal to O increase; is less than or equal to O decrease, is greater than
To maximize profit, a firm will hire workers when the in revenue from hiring an additional worker the worker's wage. O increase; is greater than O decrease; is less than or equal to O...
The question of how much labor a firm will hire comes down to: Multiple Choice whether...
The question of how much labor a firm will hire comes down to: Multiple Choice whether added workers are going to generate more revenue than what it costs to hire them. if the added workers are going to add revenues to the firm. whether the value of the marginal product is greater than, less than, or equal to the average total cost the healthcare costs they incur by hiring them.
In order to maximize its profits, a firm that hires workers in a perfectly competitive labor...
In order to maximize its profits, a firm that hires workers in a perfectly competitive labor market will hire workers until the: A. Extra revenue generated from hiring another worker equals the extra profit from hiring that worker. B. Extra revenue generated from hiring another worker equals the extra cost of hiring that worker. C. The marginal wage rate marginal product of the last worker. D. The marginal product of labor begins to decline.
சம் VU labor markets, firms hire: additional workers as long as the marginal produ s as...
சம் VU labor markets, firms hire: additional workers as long as the marginal produ s as long as the marginal product of labor is positive. the amount of labor needed to produce the profit-maximizing the amount of labor needed to produce the revenue-max the number of workers they can afford given a fixed budget. ce the profit-maximizing level of output. produce the revenue-maximizing level of output. Ceteris paribus, the value of the marginal product of labor (demand for labor by...
A firm is unlikely to hire a worker if: A. the additional output a firms gets...
A firm is unlikely to hire a worker if: A. the additional output a firms gets by hiring the worker is greater than his or her wage. B. there are diminishing marginal returns to labor. C. the minimum wage set by law is less than the equilibrium wage in the market. D. the additional revenue generated by hiring the worker is less than his or her wage. In a competitive labor market, the equilibrium wage rate is determined by: A....
Diminishing marginal productivity in a skateboard company means that: Question 3 options: hiring additional workers causes...
Diminishing marginal productivity in a skateboard company means that: Question 3 options: hiring additional workers causes the total output of skateboards to fall. hiring additional workers does not change the total output of skateboards produced. hiring additional workers adds fewer and fewer skateboards to total output. the average total cost of production must be decreasing.
Consider the following table for a profit maximizing monopsonist. How many workers should this firm hire?...
Consider the following table for a profit maximizing monopsonist. How many workers should this firm hire? Worker Marginal Expenditure Marginal Revenue 1 $20 $45 2 $24 $40 3 $26 $34 4 $28 $28 5 $29 $25 6 $30 $23 How did you choose the number of workers to hire in the previous question?
Thinking at the Margin As a given retail establishment hires more workers at a cost of...
Thinking at the Margin As a given retail establishment hires more workers at a cost of $275 per worker they are able to serve increasing amounts of customers based on the following table. You may assume each customer spends on average $5 at this retail establishment otal Workers Customers Benefit (5) Benefit(S) Total Total Marginal Total Marginal Net Benefin (S) Cost (S) 100 1 80 250 310 360 This retail establishment is trying to decide how many workers to hire....
In the long run, a profit-maximizing monopolistically competitive firm sets it price Multiple Choice above marginal...
In the long run, a profit-maximizing monopolistically competitive firm sets it price Multiple Choice above marginal cost. below marginal cost. equal to marginal revenue equal to marginal cost.
Problem 6. The Marginal Benefit of hiring workers for a firm is given by the expression: MB 3,500 X. The Marginal Cost to the firm of hiring workers is approximately given by the expression: MC = 5000.01X~. Please calculate the optimal amount of workers that the organization a. should hire. Draw a diagram of the solution b. Briefly explain the slopes of the Marginal Benefit and Marginal Cost Curves. Why does it cost more to hire each additional worker? Why...
To maximize profit, a firm will hire workers when the in revenue from hiring an additional worker the worker's wage. O increase; is greater than O decrease; is less than or equal to O increase; is less than or equal to O decrease, is greater than
To maximize profit, a firm will hire workers when the in revenue from hiring an additional worker the worker's wage. O increase; is greater than O decrease; is less than or equal to O...
The question of how much labor a firm will hire comes down to: Multiple Choice whether added workers are going to generate more revenue than what it costs to hire them. if the added workers are going to add revenues to the firm. whether the value of the marginal product is greater than, less than, or equal to the average total cost the healthcare costs they incur by hiring them.
சம் VU labor markets, firms hire: additional workers as long as the marginal produ s as long as the marginal product of labor is positive. the amount of labor needed to produce the profit-maximizing the amount of labor needed to produce the revenue-max the number of workers they can afford given a fixed budget. ce the profit-maximizing level of output. produce the revenue-maximizing level of output. Ceteris paribus, the value of the marginal product of labor (demand for labor by...
Thinking at the Margin As a given retail establishment hires more workers at a cost of $275 per worker they are able to serve increasing amounts of customers based on the following table. You may assume each customer spends on average $5 at this retail establishment otal Workers Customers Benefit (5) Benefit(S) Total Total Marginal Total Marginal Net Benefin (S) Cost (S) 100 1 80 250 310 360 This retail establishment is trying to decide how many workers to hire....
In the long run, a profit-maximizing monopolistically competitive firm sets it price Multiple Choice above marginal cost. below marginal cost. equal to marginal revenue equal to marginal cost.
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